HECM offers proceeds as lump sum, line of credit (LOC), or
tenure payment. Depending on the net principal limit
amount, only a portion of the lump sum and/or line of credit may be available for the first year. The fixed-rate
HECM offers only a lump sum payout. (Links open in new tab).
Lump sum/line of credit at closing:
Add'l line of credit after one year:
Savings & Added Income
Both the variable-rate and
fixed-rate HECMs can eliminate existing mortgage payments.
Only the variable-rate HECM can add additional term or
tenure payments. (Links open in new tab).
Mortgage payment savings:
Click for FREE HECM Calculator
For informational purposes only. MyHECM.com is not a lender and this is not a formal quote or commitment to lend. Lender-quoted benefit amounts and closing costs will likely vary.